Reportable Business Segments and International Operations (Tables)

12 Months Ended

Dec. 31, 2024

Reportable Business Segments and International Operations

Schedule of total sales, intersegment sales and external net sales by segment and a reconciliation by segment of external net sales to segment operating income.

The following tables (i) summarize, by segment, total sales, intersegment sales and external net sales and (ii) reconcile each segment’s external net sales to their respective segment operating income, including segment operating expenses, for each of the years ended December 31, 2024, 2023 and 2022:

	Harsh Environment Solutions		Communications Solutions		Interconnect and Sensor Systems		Total
2024
Total sales	$	4,508.6	$	6,375.6	$	4,510.6	$	15,394.8
Less: Intersegment sales		91.2		51.8		29.1		172.1
External net sales		4,417.4		6,323.8		4,481.5		15,222.7
Less: Segment operating expenses (1)		3,324.2		4,754.2		3,655.6		11,734.0
Segment operating income	$	1,093.2	$	1,569.6	$	825.9	$	3,488.7
2023
Total sales	$	3,621.6	$	4,963.0	$	4,129.3	$	12,713.9
Less: Intersegment sales		90.8		50.2		18.2		159.2
External net sales		3,530.8		4,912.8		4,111.1		12,554.7
Less: Segment operating expenses (1)		2,586.9		3,849.3		3,357.4		9,793.6
Segment operating income	$	943.9	$	1,063.5	$	753.7	$	2,761.1
2022
Total sales	$	3,185.3	$	5,731.8	$	3,880.6	$	12,797.7
Less: Intersegment sales		78.1		79.4		17.2		174.7
External net sales		3,107.2		5,652.4		3,863.4		12,623.0
Less: Segment operating expenses (1)		2,305.6		4,406.7		3,146.9		9,859.2
Segment operating income	$	801.6	$	1,245.7	$	716.5	$	2,763.8

(1)

The aggregated amount is comprised of cost of sales, selling, general and administrative expenses, and other segment related expenses.

Schedule of the reconciliation of segment operating income to consolidated income before income taxes

Segment operating income and the reconciliation of segment operating income to consolidated income before income taxes for the years ended December 31, 2024, 2023 and 2022 are as follows:

	2024		2023		2022
Total segment operating income	$	3,488.7	$	2,761.1	$	2,763.8
Corporate / Other:
Stock-based compensation expense		(109.5)		(99.0)		(89.5)
Amortization of acquisition-related inventory step-up costs		(18.2)		—		—
Acquisition-related expenses		(127.4)		(34.6)		(21.5)
Other operating expenses		(76.7)		(67.9)		(67.0)
Operating income		3,156.9		2,559.6		2,585.8
Interest expense		(217.0)		(139.5)		(128.4)
Gain on bargain purchase acquisition		—		5.4		—
Other income (expense), net		72.0		29.3		10.0
Income before income taxes	$	3,011.9	$	2,454.8	$	2,467.4

Schedule of depreciation and amortization expense

Depreciation and amortization expense by segment for the years ended December 31, 2024, 2023 and 2022 is as follows:

	2024		2023		2022
Harsh Environment Solutions	$	126.7	$	91.0	$	78.2
Communications Solutions		226.5		177.0		183.7
Interconnect and Sensor Systems		136.6		131.1		124.5
Corporate / Other (1)		82.7		7.3		6.5
Total	$	572.5	$	406.4	$	392.9

(1)

Amortization of acquired backlog associated with acquisitions for the year ended December 31, 2024 is reported under “Corporate / Other”.

Schedule of revenues and long-lived assets by geographical area

Net sales by geographic area for the years ended December 31, 2024, 2023 and 2022 and long-lived assets by geographic area as of December 31 were as follows:

	2024		2023		2022
Net sales
United States	$	5,272.3	$	4,405.4	$	4,155.2
China		3,399.9		2,884.0		3,265.0
Other foreign locations		6,550.5		5,265.3		5,202.8
Total	$	15,222.7	$	12,554.7	$	12,623.0
Long-lived assets(1)
United States	$	576.4	$	442.6	$	386.1
China		617.9		455.5		470.1
Other foreign locations		901.9		718.1		637.6
Total	$	2,096.2	$	1,616.2	$	1,493.8

(1)

Long-lived assets included in this table are comprised of property, plant and equipment, net, and operating lease right-of-use assets for all years presented.

Schedule of disaggregation of net sales

The following tables show our net sales disaggregated into categories the Company considers meaningful to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors for the years ended December 31, 2024, 2023 and 2022:

Net sales by sales channel:	2024		2023		2022
End customers and contract manufacturers:
Harsh Environment Solutions	$	3,172.6	$	2,581.6	$	2,176.4
Communications Solutions		4,960.9		3,933.2		4,469.0
Interconnect and Sensor Systems		4,311.0		3,947.4		3,724.6
		12,444.5		10,462.2		10,370.0
Distributors and resellers:
Harsh Environment Solutions		1,244.8		949.2		930.8
Communications Solutions		1,362.9		979.6		1,183.4
Interconnect and Sensor Systems		170.5		163.7		138.8
		2,778.2		2,092.5		2,253.0
Total Net sales	$	15,222.7	$	12,554.7	$	12,623.0

Net sales by geography:	2024		2023		2022
United States:
Harsh Environment Solutions	$	2,384.7	$	1,790.5	$	1,558.2
Communications Solutions		1,582.3		1,395.8		1,495.3
Interconnect and Sensor Systems		1,305.3		1,219.1		1,101.7
		5,272.3		4,405.4		4,155.2
China:
Harsh Environment Solutions		402.3		351.2		437.5
Communications Solutions		2,011.6		1,669.4		1,939.6
Interconnect and Sensor Systems		986.0		863.4		887.9
		3,399.9		2,884.0		3,265.0
Other foreign locations:
Harsh Environment Solutions		1,630.4		1,389.1		1,111.5
Communications Solutions		2,729.9		1,847.6		2,217.5
Interconnect and Sensor Systems		2,190.2		2,028.6		1,873.8
		6,550.5		5,265.3		5,202.8
Total Net sales	$	15,222.7	$	12,554.7	$	12,623.0